Global Centrifugal Chiller Market Projected to Reach US$ 4.8 Bn by the end of 2025- QY Research, Inc.
Industry: Industrial Equipment
A recent report published by QY Research titled Global Centrifugal Chiller Industry Research Report, Growth Trends and Competitive Analysis 2019-2025, gives an in-depth analysis of global Centrifugal Chiller market and its industrial data.
Los Angeles, CA (PRUnderground) January 30th, 2020
Centrifugal Chiller has primary applications in regulating temperature and it is required for temperature control in temperature sensitive industries such as plastic, oil & gas, and others. The global Centrifugal Chiller market is expected to grow due to the increasing requirement of refrigeration for storing food and beverages. QY Research identifies the growth drivers of the market in a report titled, “Global Centrifugal Chiller Industry Research Report, Growth Trends and Competitive Analysis 2019-2025” and offers other notable insights. The report projects the global Centrifugal Chiller market is likely to obtain US$ 4.8 Bn by the end of 2025 from US$ 3.8 Bn in 2018, registering a lethargic CAGR of 2.8% over the predicted period i.e. from 2019 to 2025.
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Global Centrifugal Chiller Market – Growth Drivers
- Centrifugal Chillers have applications in regulating temperatures in large spaces and are key building block for many HVAC systems
- Increasing consumption of frozen food and high demand for chiller in the food processing industry is likely to spur the growth of the market
- Implementation of stringent regulation on chemicals used in the refrigeration process, which cause potential harm to the environment has resulted in increasing awareness regarding the availability of ecologically viable chillers
Increasing Application of Chiller in Plastic Industry to Propel the Growth of the Industrial Segment
The application segment is a prominent segment of the market which includes segments such as Industrial, Commercial, and Others. Centrifugal chillers are available with industry-specific features for temperature control in temperature-sensitive industries such as plastic and oil & gas. The industrial sector also uses Chiller for maintaining equipment temperatures in the petrochemical industry, which is likely to propel the growth of the Industrial segment.
The type segment of the market consists of 500-1000T, <500T, >2000T, and 1000-2000T. Machines that have a capacity of 1,000 to 2,000 tons and 500 to 1,000 tons together hold a major share of the market.
Robust Food & Beverage and Petrochemical Sector to Foster the Growth of the Asia-Pacific Market
Rapid industrialization in has led to the growth of the food and chemical sector. Centrifugal Chiller systems are majorly used for the purpose of storing, refrigeration, and cooling in food and petrochemical industries. The robust growth of the food and beverage and petrochemical sector has resulted in high demand for Centrifugal Chiller systems. Increasing demand for chiller for temperature control in large spaces where air condition has less or no impact is another important factor, which is likely to foster the growth of the market.
DAIKIN Launches Eco-friendly Refrigerant
Major key players functioning in the market are Carrier, Johnson Controls, DAIKIN, Trane, LG, TICA, Haier, Midea, Climaveneta, Suzhou BSE, MHI Group, Multistack, Midea, and Climaveneta. Manufacturers are keen to launch eco-friendly products by developing innovative systems.
For instance, in2018 DAIKIN launched the DZ chiller series with eco-friendly refrigerants R- 1234ze and R134a.
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